Inkeepers USA Trust, a real estate investment trust, on Thursday said results improved, helped by higher revenue per available room.

Quarterly funds from operations, or FFO, grew 24 percent to $11.2 million, or 23 cents per share, from $9 million, or 21 cents per share, during the prior-year quarter.

FFO, a widely used gauge of real estate operating performance, adds depreciation and amortization expenses, as well as other non-operating items, back to net income.

Analysts polled by Thomson Financial expected earnings funds from operations of 23 cents per share.

Net income applicable to common shareholders totaled $189,000 versus a loss of $126,000 in the prior-year quarter. On a per-share basis, income was breakeven in both quarters.

Revenue grew 25 percent to $75.9 million, from $60.9 million during the prior-year period.

Revenue per available room from grew 7.4 percent to $78.45, as the average daily rate rose 7.7 percent to $112.77.

Occupancy fell less than 1 percent to 69.6 percent.

For the year, FFO grew 22 percent to $60.2 million, or $1.26 per share, from $49.4 million, or $1.05 per share.

Net income applicable to common shareholders grew 71 percent to $19 million, or 42 cents per share, from $11.1 million, or 26 cents per share, last year.

Revenue grew 16 percent to $286.7 million, from $247.2 million.

Shares of Innkeepers USA Trust lost 5 cents to $16.58 in morning trading on the New York Stock Exchange.

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